The Samsung Galaxy S4 is available for $0 at Best Buy as part of Black Friday, but the Galaxy S5 is also on its way, as rumors are now flying fast about its next handset.

Korean news website ET News is reporting that the Galaxy S5 is set to go into production as early as January. That will allow for a launch sometime in March or April.

Samsung is expected to arm the new flagship gadget with a 64-bit processor, similar to the one introduced by Apple on the iPhone 5s. The device is also expected to come equipped with 3GB of RAM, a 16-megapixel camera and a large 4000mAhr battery. The 5-inch device with have a Super AMOLED display at a 560ppi (pixels per inch) pixel density. For the software, Samsung is expected to deliver an Android 4.4 KitKat version of its TouchWiz interface.

The report goes a step further adding that Samsung will make two versions of the GS5, standard and premium. The premium model is to feature a metal shell and a flexible display, while the standard model is to come with a plastic shell and display that can't flex.

The ET News report also said Samsung is to release the second version of its Galaxy Gear smartwatch.